Pi Network (PI) Price Volatility, Ripple v. SEC Lawsuit Speculation, and More: Bits Recap Feb 25

TL;DR

• PI witnessed significant volatility in the past several days, currently trading at approximately $1.52.
• The long-running lawsuit between Ripple and the SEC appears to be nearing a potential settlement, as recent developments indicate a shift in the regulator’s approach.
• Ripple’s XRP has dropped by 16% over the past week, currently trading around $2.17. This decline is part of a broader market downturn, where Bitcoin (BTC) fell below $90,000.

PI’s First Trading Days

Pi Network reached a major milestone on February 20, launching its Open Network. This development made the PI token publicly accessible by allowing exchanges to list it. The first to hop on the bandwagon were OKX, Bitget, and MEXC. 

The coin’s price experienced substantial volatility during its first days of trading. On launch day, it spiked to as high as $1.84 (per CoinGecko’s data), while on February 21, PI collapsed below $0.65.

Over the weekend, the price recovered much of the losses, rising to $1.60 after a 65% daily surge. PI also started the business week on the right foot, climbing to $1.66 before retreating to its current $1.52.

The price resurgence could be linked to the rising expectations that Binance might be the next leading crypto exchange to enable services with PI. The company recently held a community vote to determine whether its users would want to see the token available for trading on its platform. 

While the results will become official on February 27, the interim numbers suggest the decision will most likely be in favor of PI. As of now, roughly 85% of all voters have clicked the “yes” option.

Ripple v. SEC

The lawsuit between Ripple and the US Securities and Exchange Commission (SEC) is another highly intriguing topic in the crypto world. While the case remains open after more than four years, some recent developments signal a potential conclusion in the near future.

Over the past few weeks, the securities regulator has changed its approach toward the cryptocurrency industry. First, it reached an agreement with Binance to pause their legal proceedings for two months. Later, Coinbase’s CEO Brian Armstrong revealed that his firm shook hands with the agency to dismiss their lawsuit.

The XRP Army and several experts interpreted the agreements as good news for Ripple. John Reed Stark (a former SEC employee) predicted that the watchdog might soon pause all crypto-related appeals.

The US lawyer Jeremy Hogan, on the other hand, claimed that the case against Ripple is more complex than the rest. He assumed that a settlement was more likely than a complete dismissal.

“The SEC broke up with Coinbase after a couple of dates. Ripple and the SEC live together and have a baby,” the attorney stated.

XRP Price Outlook

Last but not least, we will touch upon Ripple’s native token, the price of which has nosedived in the last week. Currently, it trades at around $2.17, representing a 16% decline for the period. Those willing to check whether the collapse could intensify in the following days can take a look at our dedicated article here.

XRP’s plunge coincides with the severe crash of the entire cryptocurrency market. As CryptoPotato reported, BTC tumbled below $90,000, while the total value of liquidated positions in the last 24 hours surged past $1 billion.